Some pervasive noise can interfere with truly meaningful discussions:
For example: discussing the listing of coins means discussing whether the coin I bought can be listed; criticizing Binance for not listing a coin means that I bought it on Binance but it was not listed; criticizing the coins on Binance for being rubbish means that I did not buy that coin.
Behind these logics, the community and the first sister are treated as fools.
What is worthy of discussion is not which coin is listed or not, but what is the logic of listing the coin? Is the logic reasonable? Did the reasonable logic objectively cause accidents? etc.
This article will talk about Binance, community and currency listing in my eyes from the following aspects, table of contents:
1. Coin listing is related to the community and the brand
2. The community’s expectations for Binance: You must love me the most
3. Who has the final say on whether a project is of high quality?
4. It is best to leave the currency listing standards to the community
5. Because both the sickle and retail investors have changed
6. Buffett can only lead the currency group
1. Coin listing is related to the community and the brand
Binance is the industry leader, not only because of its large size, but more importantly, Binance has always insisted on putting users first, at least what CZ and Yijie said and done. User first is a very prominent part of the Binance brand. Building a brand requires comprehensive efforts from all parties and long-term efforts, which is not easy.
The most important source of income for an exchange is contracts, but when it comes to the impact on the brand, spot will be more important. Each exchange has different stances and views on spot listing:
All second- and third-tier companies use the listing of some spot currency as a source of income and charge the project party;
Some are used as contract drainage tools, with all commissions returned;
A very small number are part of the brand, mainly on high-quality projects.
There is no right or wrong here, not even superiority or inferiority, it is all business.
But people have different expectations for Binance, and even these expectations are different from their expectations for OKX. People always have the most demanding and highest requirements for Binance. Just like what some friends said: scold me for listing, or scold me for not listing. What are you going to do?
However, this unfair expectation reminds me of a classic line from the Spider-Man series: With great power comes great responsibility.
Spider-Man looks down on the world
So what expectations does the community have for Binance?
2. The community’s expectations for Binance: You must love me the most
In 2019, Binance IEO came out of nowhere, and a bunch of high-quality projects appeared, making BNB popular and triggering a wave of bull market.
At that time, the logic of Binance’s IEO project was to help users discover high-quality projects.
How important was this logic at that time? This background is after the big bear market in 2018 - after people experienced the ICO bubble bursting and countless retail investors losing their money, many people have just realized that behind the great blockchain ideals are a bunch of fraudsters. A white paper worth 3,000 yuan took away his savings from working for ten years.
Many people in the crypto have not had much investment research and discernment skills in the past, present and future. At that time, Binance launched IEO to help users discover high-quality projects, which was like being hurt by a scumbag. Like a boy who has passed by, he suddenly met the most gentle, kind and sincere sweetheart in the world, and he was simply enlightened.
At this time, Binance’s brand and user sentiment should be further growing rapidly – Binance is good! This also laid a good community foundation for the subsequent outbreak of Binance Chain.
Moreover, BNB, which was also an ICO project, became a golden shovel. The first sister sold all her BTC and exchanged it for BNB. She first firmly believed in BNB and worked for it. This kind of responsibility and responsibility formed a very different relationship with other garbage projects. Strong contrast.
At that time, people’s understanding of Binance was established like this: Binance is reliable!
Perhaps, expectations for Binance began to rise at that time - therefore, behind the seemingly high expectations, there is actually love.
Today, Binance is still working hard to help users discover high-quality projects.
For example, although some of the projects that were launched did not perform well, such as HOOK EDU, etc., people can still see Binance’s logic: they want to launch some projects that can be cross-border and out of the circle like running shoes, and they don’t want to always be in the circle. People are engaged in involution and mutual cutting.
Exploration also comes at a cost, as does human growth. Who can avoid stepping on some pitfalls? So it’s okay if there are some imperfections in the listing.
The ability to evolve is more important than not making mistakes. Yijie and Binance themselves are aware of many problems, and I heard that various internal rectifications and optimizations are also very powerful, so I won’t go into details.
But a question worth thinking about is, when it comes to “ helping users discover high-quality projects ”, what standards should be used to measure high-quality projects? Can you explain it in one sentence?
3. Who has the final say on whether a project is of high quality?
There are many dimensions to consider when listing a currency, such as: the basic data of the project's fundamentals, growth space, etc.; the team's subsequent development capabilities and willingness; investors' attention, popularity, and resources; whether the chip distribution is healthy and sustainable, etc.
But those who invest in the second level will have a big feeling. Studying these fundamental data will not help much in making money, because the most important thing is the community recognition and acceptance of the project.
People often lament:
Obviously this project is so good, but why doesn’t it go up?
That piece of garbage is obviously so bad, why does it go up every day?
I once said something: If a currency rises and you don’t know the reason, or you can’t predict it in advance, then there is a high probability that there is something you don’t understand.
In fact, it is impossible for us to understand everything, especially reasoning about the future. Therefore, "helping users find high-quality projects" is inherently difficult.
What makes more sense is to help users PASS inferior projects, which is easy.
Taking the BLUR project as an example, it is easy to judge that it is not a low-quality project; but if you want to judge whether it is high-quality enough, and look at it from the perspective of 5 or 10 years, you will feel that the NFT bubble is so big, and NFT may also be classified as such in the future. If it's zero, then BLUR is worthless. Based on this, deciding whether to list the currency may lead to some disputes with the community.
Of course, this is an outdated example. Binance launched BLUR decisively when BLUR’s chips were laundered better and the fundamentals of the project changed significantly – the logic behind it is that “the project has become better.”
There is a question worth thinking about: If the community likes a project very much, and it is not a shoddy or rubbish project (the projects harvested in the round are the ones that I think are the rubbish), can I still consider it even if I think it is not a high-quality project?
Let me first clarify my personal opinion: currency listing should be neutral and neutral.
4. It is best to leave the currency listing standards to the community
Binance's currency listing standards are best like the law, and anything can be done without any prohibition by law - I can have some prohibitions and red linear clauses to stipulate which coins cannot be listed, but if they are not within the red line, the project community is strong enough. superior.
In fact, OKX has been like this this year. LSD was popular before. I saw that OKX was launched on the same track and had extremely small market capitalization, but Longsan, which had a larger market capitalization, was not listed. @Official, I soon found out that it was online.
Later, like ORDI, I also wrote on Twitter that OKX would be 100% accepted. Actually, it was all because of this logic.
In the currency listing standards, the value judgment of the project is left to the community. This is very important and necessary! Because the neutrality of currency listing will be more conducive to protecting users - this is essentially changing the matter of "helping users discover high-quality projects" to "listing high-quality projects together with users"
There are actually two methods in family education:
One is the strict mother style, which stipulates that this cannot be done and that must be done, and has been strictly controlled from childhood to adulthood. "Everything is for your own good", "The salt I have eaten is more than the rice you have swallowed", "There are not many good people out there, believe me mom"
One is a friend-style, which guides and regulates but respects personal growth.
Which one is better? It's all love. But I think Binance is more suitable for the second type.
PS: Binance’s hard work often attracts a lot of criticism, and is even called “cutting leeks” by the outside world. In fact, they all fail to understand the underlying logic. Binance is an exchange. Only by maintaining users well will wealth be inexhaustible. Therefore, it is believed that Binance is "cutting its own leeks by itself". In fact, there is a major misunderstanding. In fact, as long as you think about Binance’s user-first logic, you will understand that in fact, many of the things Binance is doing now are a natural continuation of the 2019 IEO.
Thinking: Why do Binance users love users, but they are always harvested by hackers?
5. Both the sickle and retail investors have changed
With the development of blockchain to this day, project parties, communities, and capital have all undergone great changes.
In 2018, no one understood blockchain. Including some so-called sickles, they may have been really confused and didn’t understand anything at the time. Once they heard that there were benefits, the white paper also brainwashed them and thought it should be good, so they went to the platform;
But today, both sickles and retail investors are evolving:
On this side: Tugou Project produces garbage projects in an assembly line, and Shenzhen’s speed shocks the world; well-dressed investors and senior executives of various exchanges can outline good projects in the club, and capital can find a group of talented students with just a few phone calls. Catch up on a project.
On the other side: retail investors have been cut off and started to stay together for warmth. In small circles and secret messages, people are becoming more and more savvy.
It is becoming more and more difficult to cut people off for rubbish/glamorous projects. Why? Because retail investors are starting to wake up and make their own judgments.
Binance is the biggest loser in the industry, and Binance’s retail investors have become Scythe’s favorite targets—just look at the discussions and popular articles on Binance Square and you will know that the users there are indeed purer than those on Twitter. 10 times.
For Sickle, whether it is a variety of high-quality small circles or a large public domain like Twitter, it is not that easy to cut, and it must be packaged as well as possible.
Retail investors are also very smart and can always see through it. Even if you look for an obvious scythe platform, some cattle will play with you - although they know you want to cut, as long as I enter early, everyone will carry the sedan chair to cut others.
Binance users are so precious, they are a closed place that has not yet been enlightened. As a result, people with good hands and eyes can tailor the project according to Binance’s preferences:
Do you want users? I buy it, I use it!
Do you want value? I have DEX\SWAP\Lending\Cross-chain, what else do I need? I'll fix it.
Do you want chips? I'll give it to you cheaply, so I can lock it myself.
Binance is worried about its users, and Sickle is worried about Binance.
After going online, there is no need to refresh the data. The chips distributed to the community somehow end up in the pockets of the project team, and a group of successful people make a lot of money.
When the sickle evolves in a targeted manner, Binance is like a goalkeeper. He has to block dozens of balls a day. If he can block this one or which one he cannot block, he will always score a goal.
So it leads to: I obviously tried very hard, but why are you still not satisfied?
In fact, the solution is: stay neutral.
Separate currency listing and investment. When listing currency, put the community first and make less value judgments; when investing, put Binance first and only invest in what you think is high quality.
But when it comes to listing coins, even projects invested by Binance must be judged from the perspective of the community as to whether they can be listed. Although everyone can understand it without this perspective, it is a business.
It’s just that people have some extra expectations for Binance.
6. Buffett can only lead the currency group
The core identity of the exchange is to provide a place for users to trade. I provide a fair and equitable trading environment so that people can use it with confidence, peace of mind, and peace of mind. It’s that simple. When too many subjective value judgments are added, problems are bound to arise.
There is a particularly interesting point that needs special attention: in most cases, our evaluation of projects will have cognitive biases!
It’s been 15 years since Bitcoin, and Buffett is still scolding it. Buffett is very powerful, but if the old man is allowed to manage the currency listing group, he will suggest that the currency listing group be renamed the currency delisting group, and just do one thing, delist all coins and be done with it.
Buffett is like this, and everyone else will inevitably have various cognitive biases.
Take ORDI as an example. In the "BRC20" of my personal website , there were many hesitant voices opposing it at the beginning, and some of them came from very powerful "experts" who wrote long articles to refute it. Read There are many people who like and like it. If you read selectively, you will feel that what they say is the truth.
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Let’s talk about the current Bitcoin ecosystem , there are actually many differences: some people are shaking with excitement, while others sneer at it with disdain.
The debate between the two sides can last for three days and three nights, and even among the ancient leaders of the Bitcoin ecosystem, some support and some oppose.
But, have you noticed that this is very similar to the emergence of Bitcoin? A safer approach is to wait three to five years and see if you can get it in a few years. This is always right. However, if this continues, the community will scold Binance for being slow to respond, and Binance will probably lose all its share.
In fact, the above arguments and discussions are all attention and traffic. Isn’t the reason why Bitcoin survives because it has the most attention, traffic, funds, and talents? Isn’t it because of these that it can survive the split?
And what are these? Aren’t these called communities?
The current situation, in summary:
First, Binance is still evolving and is worth looking forward to. Although Binance is late, it has arrived and launched the leader of the Bitcoin ecosystem. We must believe in Binance’s ability to evolve. Now that the US side is done with it, we will have more energy and mood to focus on our main business.
Second, Binance could have been sharper and remained as sharp as when it was founded. For example, from the exchange level, for example, I saw a picture that someone posted in my comment area yesterday. This exchange should have the highest trading volume in Taiwan, Vietnam, etc., and it was quite surprising that there were so many firsts - —Is this better than Binance? Definitely not. Binance is number one in the industry and has no talent, but it definitely needs to be adjusted and optimized.
For exchange users, what is the best protection for them?
It is nothing more than listing high-quality coins and listing them early. Although Binance is currently larger and the impact of listing coins will be greater, the underlying logic is to try to make a comprehensive judgment based on the voice of the community, plus its own position and resources in the industry.
Why BRC20 is so popular? In addition to the power of the Bitcoin ecosystem, another very important point is that everyone is tired of institutional pooling. As long as the currency listing group can be more involved in various communities , they will naturally know what retail investors are playing and paying attention to. what.
For example, now an industry leader launches a project in the Bitcoin ecosystem, distributes and unlocks tokens, and develops a road map. These methods are very common and normal on ETH, but they are not so popular in the Bitcoin ecosystem. , the community popularity is not necessarily high - although data and the like can still be done beautifully.
We still need to “go to the grassroots level more”.
If you stand with the community more, the community will stand with Binance.
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Suggestion: Maybe Yijie’s AMAs can be held more often, with quick questions and quick answers, just ask questions, and the time limit is 1 hour or something.
It is done once every two or three weeks and is completely community-based.
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I also went to Binance’s Maldives Concentration Camp this time. This was the only offline event I participated in. The last time was in 2019, also with Binance. It was in Hangzhou at the time - I really like Binance and it is in my heart. , like the hope and light of leeks.
In 2019, I made a mistake in transferring currency once. I contacted Binance to help me get it back. I was very touched. Then I learned that Binance helps users handle this kind of thing every year. The amount of money recovered was a lot, and I felt very reassured. , so to this day I always feel at ease with my funds on Binance. Binance has basically never had any problems in the general direction: user first, user asset security, no loss, etc.
On the way back, when I was thinking about it, I felt that it was really not easy to trade. What came to my mind was the words " surrounded by wolves and surrounded by dangers ". Correspondingly, it was the young and gentle smiling face of a sister. ——Just like the girl next door in her 20s, it gives people a huge sense of difference: With so many carefully woven and beautifully packaged games, are the people she trusts strong enough and loyal enough to assist?
Of course, these are no longer things I should be thinking about.
An essay, I wish Binance will get better and better - I hope and think that Binance has the opportunity to grow into a technology company that is as big as Apple or even bigger!
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This article was originally written by @BTCdayu . For crypto tips, please visit dayu.xyz
